Warid Telecom and Bank Alfalah Limited (BAFL) signed an agreement with National Bank of Pakistan (NBP) in order to jointly develop the digital financial eco system in the country. This new venture was marked with a graceful signing ceremony in Lahore, which was attended by Mudassir H. Khan SEVP/Group Chief CRBG of NBP, Suhail Jan Chief Commercial Officer Warid Khurram Hussain Group Head Retail (C&N) and Consumer Banking and Azfar Jamal EVP/Head of Remote Banking & ADC NBP and other senior officials from all the three entities.
This initiative is a major step to develop the required Digital Financial Services to be hosted by National Bank that will include P2G&G2P, thus enabling customer stopper form transactions through National Bank Accounts using the Digital Wallets, digital channels of Bank Alfalah and the Mobile Paisa wallets & distribution network.
Collaboration among large sized banks and the leading telcos is the stepping stone in building the right road to financial inclusion that gives the much required boost to the economic activity and caters the need of un-banked and under-served masses of Pakistan.
The partnering organisations believe that the formal financial services, through digital payment channels, can have a positive impact on a variety of microeconomic indicators, including self-employment, household consumption and wellbeing. Warid's CEO, Muneer Farooqui commented, "NBP has dominated the G2P/P2G market for years. Our customers will get benefit from the plethora of products and services offered by NBP. We are glad to be taking this step in what we hope will be along and fruitful relationship with NBP. The Eco-system being developed by NBP will strengthen all of the market players including our Warid Telecom to progress on the road of financial inclusion in Pakistan."
Speaking on the occasion, Mudassir H. Khansaid "National Bank envisions big opportunities to promote financial inclusion through new technologies and through that to drive inclusive and sustainable growth. We believe that combining the strengths of telcos and banks together can take us closer to our vision. NBP strongly believes in collaborations and leveraging of services to create new paradigms in financial services within the country. NBP now aims to develop an Eco system in collaboration with all market players to host P2G&G2P services by enabling every Pakistani to pay any government fee like traffic challans, taxes etc.-PR